SOLID STATE BATTERY MARKET ANALYSIS

The global solid state battery market size was valued at US$ 730.51 million in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 39.2% from 2023 to 2030. The solid state battery market is a global market that is expected to witness substantial growth during the forecast period. It is primarily driven by the growing demand for electric vehicles and rising investment activities in the research and development of solid-state batteries. The solid-state battery technology offers advantages such as a low charging time, a compact size and enhanced efficiency. These batteries have the potential to provide energy storage solutions for various applications, such as electric vehicles, energy harvesting, consumer electronics and medical devices.

Global Solid State Battery Market: Regional Insights

Based on geography, the global solid state battery market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Asia Pacific region is anticipated to hold leading position in the global solid state batteries market during the forecast period. This is mainly due to increasing industrialization and urbanization in countries such as India and China, which are adopting advanced technology for better living standards. The governments of these countries are also introducing policies and programs to encourage the use of electric cars. Moreover, support from government organizations to produce safe and reliable batteries is expected to help companies develop their businesses within the region.

Europe is the second largest region in the global solid state battery market. The growth of the European market is primarily attributed to increasing acceptance of medical and consumer electronics devices, such as laptops. In addition, the government initiatives for the development of solid state batteries are also expected to drive the growth of the Europe market.

Figure 1. Global Solid State Battery Market, By Application 2022

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Global Solid State Battery Market Drivers:

Growing penetration of electric vehicles to foster market growth

The market is driven by the growing demand for electric vehicles (EVs) and technological advancements in batteries. Several companies are investing heavily in R&D activities to develop solid-state batteries for use in EVs. The Paris Declaration on “Electro-Mobility and Climate Change and Call to Action” proposed a target of deploying 100 million electric cars and 400 million electric two- and three-wheelers by 2030.

Expanding consumer electronics market to propel market growth

The market growth is attributed to the increase in consumer spending on electronics and appliances. Solid state batteries are widely used in consumer appliances. The demand for these batteries is also driven by the rising popularity of smartphones and laptops. Compared to conventional lithium ion battery, the main advantage of a solid state battery is that it has a smaller footprint and can be used in a wider range of applications. Moreover, they can be manufactured cheaper and offer longer lifespans than the current generation of Lithium-ion batteries.

Global Solid State Battery Market Opportunities:

Growing popularity of thin-film batteries is expected to offer profitable market opportunities over the forecast period. Thin-film batteries are a key segment of the global solid state battery market. These batteries are used in radio frequency identification tags, renewable energy storage systems, smart cards, portable electronics, neural stimulators, pacemakers, and defibrillators. These batteries are environmentally friendly as they do not contain flammable liquid electrolyte or pressurized gases.

These batteries are more energy-dense than traditional batteries. Typically holding 2-8 times as much power per unit of weight. That can be a game-changer for the industry. The biggest difference between a traditional battery and a solid-state battery is the material that makes up the electrolyte. The most common type of electrolyte for a solid-state battery is an inorganic crystalline material, such as boron carbide. Inorganic crystalline electrolytes have high ionic conductivity, low electronic conductivity, and are suitable for rigid battery designs that can operate in harsh environments. This factor is expected to hold potential market opportunities.

Global Solid State Battery Market Trends:

Ongoing innovation in battery manufacturing is a recent trend

Battery manufacturers are focusing on developing a new generation of batteries with higher energy density, better safety and greater stability. These batteries can also provide longer operating times and faster charging, which help make electric vehicles (EVs) more affordable and environmentally friendly.

Ongoing miniaturization of electronic devices is another trend

The demand for these batteries is boosted by the ongoing miniaturization of electronic devices. This is due to the fact that they can fit into small spaces and are more efficient, compact and lightweight than traditional batteries. The growing awareness about alternative energy and green technologies are further expected to augment the market growth.

Global Solid State Battery Market Restraints:

High costs of raw materials to hinder market growth

The high costs of raw materials used for making solid-state batteries is expected to restrict growth of the global market. However, these barriers are being overcome by continuous research and development.

Complexities associated with manufacturing process to curtail market growth

The manufacturing of solid state batteries requires a lot of time and energy to manufacture. In addition, the sintering process can create a lot of carbon dioxide that can be detrimental to the battery’s durability. Another disadvantage of a solid state battery is that it is difficult to produce these devices on a large scale.                                     

Figure 2. Global Solid State Battery Market, By Application, 2022

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Global Solid State Battery Market Segmentation:

The global solid state battery market report is segmented into application, capacity, battery type, and region

Based on application, the market is segmented into Consumer & Portable Electronics, Electric Vehicles, Energy Harvesting, Wearable & Medical Devices, and Others. Out of which, Consumer & Portable Electronics is expected to dominate the global market over the forecast period and this is attributed to the high durability and reliability of these batteries. Solid batteries are widely used in portable consumer electronic devices.

Electric Vehicles segment is also expected to witness significant growth in the near future and this is owing to the growing awareness regarding the benefits of battery-operated vehicles.

Based on capacity, the market is segmented into below 20mAh, 20mAh-500mAh, above 500mAh. Out of which, 20mAh-500mAh is expected to dominate the global market over the forecast period and this is attributed to the growing demand from IoT devices and smart watches.

Below 20mAh segment is also expected to witness significant growth in the near future and this is owing to the 

Based on battery type, the market is segmented into thin film battery and portable battery. Out of which, Thin Film Battery is expected to dominate the global market over the forecast period and this is attributed to their lightweight and small size feature.

Portable Battery segment is also expected to witness significant growth in the near future and this is owing to the adoption of solid state battery in portable device.

Global Solid State Battery Market: Key Developments

In March 2020, Samsung SDI Co., Ltd. along with Samsung R&D Institute Japan (SRJ) and Samsung Advanced Institute of Technology (SAIT) launched solid state battery, which is long- lasting and high performing battery as compared to other solid state batteries in the market.

In September 2018, Solvay Ventures announced its equity investment in Solid Power, a U.S. - based leading developer of next-generation solid-state batteries. This investment is anticipated to provide solid state battery materials to Solid Power, which will help Solid Power to cut down its cost and develop an economic solid state battery.

In June 2019, the company introduced Power Management with RTC (PMRTC) products under its segment EnerChip solid state rechargeable micro-battery. This new product integrates an ultra-low-power Real Time Clock (RTC) with power management and power switching for commercial and industrial applications.

In May 2018, Cymbet Corporation introduced an integrated circuit, which combines power management functions with an ultra-low power Real-Time Clock (RTC) that supports battery management and power switching. The initiative was undertaken to enhance its solid state rechargeable micro-battery portfolio and influence the attributes of the EnerChip.

Global Solid State Battery Market: Key Companies Insights

The global solid state battery market is highly competitive. This is attributed to continuous launch of new technologies due to ongoing R &D and efforts by value chain participants. Moreover, key players are adopting various business growth strategies in order to expand their presence on regional as well as global basis. Some of the key players in the global solid state battery market are Solvay, Samsung SDI Co., Ltd., Cymbet Corporation, Panasonic Corporation, Saft, BrightVolt Inc., and Solid Power

*Definition: Solid state batteries are a big part of the future for electric vehicles (EVs). They're safer, smaller, and more stable than the traditional lithium-ion batteries used today. They also deliver faster charging times and more travel range. Unlike the liquid electrolyte found in traditional batteries, solid-state batteries use a solid electrolyte composed of everyday materials like ceramics and glass. That means they're much more compact and stable, which can be beneficial for EVs with limited space.